Using Automatic Saving Apps To Save Money

We’d all like to save more money – but it’s easier said than done. It’s all too easy to allow little extra costs and treats to eat into your bank balance, and before you know it you’re barely making it to payday, let alone having enough left over to put into savings.

Better financial discipline is the most obvious way to break this cycle, but how do you get started? Well, one way is to use services and apps designed to make it easier to establish good habits.

Automatic savings apps are one of the best ways for people to boost their savings, often without even noticing what they’re putting away each month.

So how do they work, and which are the best ones? In this article, the OddsMonkey team assesses the various automatic savings apps on the market to help you decide which will best suit you and your financial goals.

What Are Automatic Saving Apps?

Automatic savings apps employ a few different methods of helping their users save money, by automatically transferring money into a savings account on your behalf. 

You’ll receive interest on the savings you hold with the company in question – although you should be aware that you can often find better rates elsewhere. However, if making it easier to put money away is your goal, these apps will probably be a huge help.

The methods of automatic saving offered by these apps can be roughly divided into two categories:

Round-up savings

Apps offering round-up savings allow you to save a little money with every purchase you make. The app rounds up your payment to the nearest pound, and transfers the change into your savings account.

So for example, if you bought an item for £8.49, the app would round your payment up to £9 and put the remaining 51p into savings for you.

The amounts added to your savings each time are of course tiny, but these add up over time – and because each instance is less than £1, for an item you’re buying anyway, you’ll barely notice the difference.

Autosave

The other clever way these apps work is by tracking your spending habits, and using this information to gauge how much you can afford to save. 

Once the app has worked this out, it will make regular transfers to your savings account on your behalf, without leaving you short of money to pay for essentials.

You can choose to save more or less money each month, depending on how well you’re coping with the app’s recommended transfers, and you can of course also move money out of your savings account if needed.

Which Are The Best Automatic Savings Apps?

There are a few different options in the UK – we’ve rounded up the best below.

Only Plum offers both Autosave and Round-Up savings, and a basic account is free, so for the best of both worlds this is the app to get. 

On the other hand, if you’re more interested in the round-up feature, Chase’s 5% interest rate is very attractive (though you will also need to use a Chase current account for your spending, which might be a bit of an inconvenience).

Things To Be Aware Of

• Your money may not be protected in the same way as with a standard bank. Some apps do have full FSCS (Financial Services Compensation Scheme) protection of up to £85,000, but not all.
  Several apps have separate accounts with other banks to hold your cash, meaning you would be protected if the app went bust. However, because you wouldn’t have deposited your money with the bank directly, you wouldn’t be protected if that bank went out of business. This is of course highly unlikely, but you should be fully aware of any risks when taking out a savings account or app.
  Double check how an app holds your funds, and how you’d be protected in the event of it going bust, before deciding to save with it.
• Be wary of investment options. You may be able to choose between putting your money in an easy access account and investing it in stocks and shares. The latter may earn you more – but it also involves risk, and you could see your savings go down. If you’d prefer not to risk your hard earned cash, stick with the safer option.
• The interest rate available through these apps tends to be low. It’s therefore a good idea to periodically move your money into a higher-interest account, so that you’re getting the most out of it.

Other Useful Apps And Sites To Help You Save Money

Automatic savings apps are great, but you’ll get even more out of your money if you combine one with other money-saving apps and techniques. The following can all contribute to helping you to make your money go further.

• Cashback apps. Apps such as TopCashback or QuidCo allow you to earn cashback on your regular purchases from a wide range of retailers. Especially on larger items, you can earn significant amounts in cashback, and many people save hundreds of pounds each year.
• Budgeting apps. If you’re finding it tricky to take control of your spending, a budgeting app could be just what you need. Snoop and Emma are popular choices, but some normal banking apps (such as Monzo) also include budgeting as standard.
• Supermarket apps. Supermarkets often offer discounts on their prices for members, plus other offers via their apps. You have to buy groceries regardless, so you might as well make your shop as cheap as possible.
• MoneySavingExpert. It’s well known for a reason! Keep an eye on the MoneySavingExpert website for all the most up to date tips and tricks to save money. 

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